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Sahakarsutra Infoseries: Maintenance Charges levied by Co-operative Societies and the GST thereon : (Very Important). 1. Tax Rate: -  All the Co-operative Societies registered under GST laws are liable to collect GST on the  services provided by them to their members. The rate of tax is 18% to be charged separately under two headings namely; CGST @ 9% and SGST @ 9%.  2. Issue of Tax Invoice: -   The services include exempt services, zero rated services as well as other rated taxable services.  The Society has to issue “Tax Invoice” for taxable services and separate “Bill of Supply” for  exempt services rendered by society. Supply of zero rated services will be part of Tax Invoice.  3. Taxes on the Basis of RCM: -  A society is required to pay the GST on the basis of Reverse Charge Mechanism (RCM) on the services such as legal services from Advocates, Transport Services from Good Transport Agency (GTA) and Inward supply of Goods or Services or both from unreg

Sahakarsutra Infoseries: *Senior citizen benefits*  At 60, one is considered a senior citizen in India. Senior citizens are entitled to a multitude of financial benefits. While you can avail some benefits at 60, you also get some added benefits at 65. From time to time, the government offers senior citizens financial benefits to make their life easier. Here are a few benefits available to senior citizens in India. *1. Interest income*: Senior citizens are entitled to a *tax exemption of Rs. 50,000 for income from fixed deposits, post office interest and savings bank accounts*. *2. Health insurance premium*: Senior citizens get a tax exemption of Rs. 50,000 on health insurance premium under Section 80D. Exemption on medical expenditure for critical illnesses is Rs. 1 lakh for both senior citizens and super senior citizens. *3. Pradhan Mantri Vaya Vandana Yojana (PMVVY):* The PMVVY scheme was recently extended from March 2018 to March 2020. The investmen